As the adoption of new technologies is increasing, along with swift digitalization, the cases of cyber-attacks have also been growing across the globe. Owing to the surging incidence of data theft and breach, governments across the globe are focusing on implementing strict regulations for safeguarding consumers’ information. For instance, in May 2018, the General Data Protection Regulation, a new European Union data protection rule, came into effect and aims to protect the citizens of EU from data and privacy breaches.
The potential of the blockchain technology is wide, and it is just being realized in industries. Because of its extensive possibilities in the medical sector, a number of investments are being made in the domain by both public and private organizations. For instance, Health2047, an enterprise funded by the American Medical Association, invested $10.0 million investment in a blockchain health start-up, Akiri, in January 2018. Factors like these are projected to drive the market in the years to come.
Blockchain technology has the potential to transform the way clinical information and data are being stored and shared across the whole care continuum, such as patients, payers, and partners. On the basis of end user, the market is categorized into healthcare payers, healthcare providers, pharmaceutical companies, and others. Pharmaceutical companies are projected to account for over 50.0% share of the market by 2023, as these companies are adopting and exploring the technology in fields of drug discovery and clinical trials and supply chain management.
Geographically, the blockchain in healthcare market was dominated by North America in 2017, however, the European region is projected to account for the largest share of the market by 2023. A number of private and public sector players are implementing various blockchain initiatives in the region. Apart from this, the Asia-Pacific region is projected to emerge as the fastest-growing market during the forecast period, due to the increasing focus on the technology and unmet needs in the field of clinical data exchange and interoperability.
In conclusion, the market is growing due to the surging number of data breaches and realization of potential of the blockchain technology.
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